Fitch sees Freeport Indonesia positively

Fitch Ratings said it revised the outlook of PT Freeport Indonesia (PTFI) to positive from stable and affirmed the long-term issuer default rating at BBB-. The agency has also affirmed the instrument ratings of PTFI's U.S. dollar senior unsecured notes at BBB-.

“The outlook revision follows the revision on the rating outlook of its 48.76% shareholder, Freeport-McMoRan Inc. (FCX, BBB-/positive) to positive from stable on March 9, 2023.

“Fitch currently rates PTFI on a stand-alone basis as we believe the company has the same credit strength as FCX. However, positive rating action on FCX may lead to positive rating action on PTFI. This is because a one-notch uplift to PTFI's stand-alone credit profile (SCP) will be provided if FCX has a stronger credit profile than PTFI, based on our parent and subsidiary linkage (PSL) rating criteria,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.